The sensational leak of the Panama Papers has created significant international controversy with names of both the wealthy and famous being linked to entities established in tax havens—jurisdictions known for preferential tax regimes. As expected (or intended), the leak has initiated a wide range of regulatory investigations that are now underway across much of the…

Leaked data needs to pass the test of ‘accuracy of evidence’ The so called ‘Panama Papers’ have dominated media headlines in recent days, creating shock waves that have reverberated across the world. It is claimed that a staggering number of about 11.5 million confidential records of the Panamanian law firm, Mossack Fonseca, were leaked to…

Why do companies—even large multinationals—often overlook compliance with U.S. export control laws despite the serious repercussions for noncompliance, including denial of export privileges? One of the possible reasons could be that in many instances organizations are not completely familiar with the nuances of the U.S. export control regime. Regardless of the underlying reasons for non-compliance, the consequences…

Mexico, with a long and rich history of mining, is home to some of the largest mines in the world! It is currently the largest global producer of silver. The country is also one of the world’s top producers of fluorite, bismuth, celestite, sodium sulphate, wollastonite, lead, molybdenum, diatomite, cadmium, graphite, baryte, salt, gypsum, manganese, and zinc. Still,…

In 2015, The New York Times published a shocking piece naming several wealthy foreigners who had purchased United States real estate for many multiple millions of dollars. Among others, the article named Vitaly Malkin, a former Russian politician and banker involved in a variety of financial scandals—barred from entering Canada because of suspected connections to…

Law360, New York (November 24, 2015, 3:03 PM ET) — Food, chemicals and logistics companies from Mexico, Belgium and Spain are investing $50 million and launching operations in early 2016 within the Mariel Special Development Zone, Cuba’s new mega-port project 28 miles west of Havana. These companies — two each from Mexico and Belgium and…

By Arti Sangar During the last two decades, a sizeable chunk of the expatriate population has relocated to Dubai for both employment and investment opportunities. Undoubtedly, many have made significant economic gains in terms of purchasing luxury houses and other assets, and in some instances, setting up business empires for their successors’ benefit. However, until…

The Dubai International Financial Centre (DIFC) Courts are fast becoming a preeminent forum to resolve disputes in the Middle East, however, not all disputes may be heard by these courts. The essential criterion to bring a claim within the DIFC Courts is whether there is a nexus between the cause of the action, or the…

DUBAI, Nov. 7, 2014 /PRNewswire/ — In a judgment issued on October 30, 2014 by the Dubai International Financial Centre (DIFC) Court of First Instance, the court confirmed its jurisdiction over a lawsuit by an expatriate investor, resident in Dubai, United Arab Emirates, against the Indian-based, ICICI Bank, registered in the DIFC. In May, Indian…

Financier Worldwide Magazine, Sept 30, 2012 New project financing opportunities are opening up throughout Iraq. As the country’s economy recovers from decades of war, demand is growing for new infrastructure. Because internal public funds are limited, the Iraqi government has taken a number of steps in recent years to attract international capital in sectors like…

Commentary by Michael Diaz, Jr., Halim Gebeili, and Arti Sangar Daily Business Review August 1, 2012 As Iraq recovers from decades of war, U.S. businesses are taking a close look at potential investment opportunities. Project financing is par­ticularly important, as Iraq needs new power plants, housing developments, roads, bridges, ports and telecommu­nications systems. Because security…

In a significant move, the Dubai government has recently expanded the jurisdiction of the Dubai International Financial Centre Courts (the “DIFC Courts”). The major ramification of this move is that it will allow any parties, even those not incorporated within the DIFC free zone, to use the DIFC Courts to resolve commercial disputes. The burning…

If you are doing business in the Middle East, you have probably already experienced the impact of the ongoing civil unrest, known as the “Arab Spring,” in the region. The civil uprisings which swept across the Middle East and North Africa have destabilized the region, creating enhanced political, legal and regulatory risk for businesses in…

Most company executives often focus on setting up businesses in new jurisdictions, expanding an existing business or improving the quality of their goods or services. However, they often overlook the critical need to protect their valuable trademarks in the enthusiasm of increasing profitability of the company. Achieving immediate business goals is crucial, but it is…

Sanctions are increasingly used to combat terrorism and to discourage regimes or individuals from acting in ways condemned by the international community or individual nations. However, the burning question is—How effective are these sanctions? In Iran’s case, economic sanctions have not stopped Iran’s leaders from moving forward with a nuclear program. They have instead prompted…

In recent years the government of Dubai has arrested and charged a number of senior corporate executives from financial and real estate firms in connection with allegations of fraud and illegal financial transactions. With the office of Dubai’s Ruler, HH Sheikh Mohammed Bin Rashid Al Maktoum, issuing a warning that “there will be no tolerance…